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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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SIGNATURE JOHN J. PILEGGI
TITLE TREASURER
<TABLE> <S> <C>
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<NUMBER> 01
<NAME> LIFE CYCLE EQUITY FUND
<MULTIPLIER> 1000
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<TABLE> <S> <C>
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<NAME> LIFE CYCLE BOND FUND
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<ACCUM-APPREC-OR-DEPREC> (3)
<NET-ASSETS> 222
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<EXPENSES-NET> 2
<NET-INVESTMENT-INCOME> 3
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<DISTRIBUTIONS-OF-INCOME> 3
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<NUMBER-OF-SHARES-SOLD> 20
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 197
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<GROSS-ADVISORY-FEES> 1
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<GROSS-EXPENSE> 82
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<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> (0.18)
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<PER-SHARE-NAV-END> 9.82
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> LIFE CYCLE RETIREMENT INCOME FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> OCT-04-1995
<PERIOD-END> JUL-31-1996
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 276
<SHARES-COMMON-STOCK> 28
<SHARES-COMMON-PRIOR> 0
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4)
<NET-ASSETS> 272
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<EXPENSES-NET> 3
<NET-INVESTMENT-INCOME> 4
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (4)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> LIFE CYCLE HARVEST FUND
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<S> <C>
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<PERIOD-START> OCT-04-1995
<PERIOD-END> JUL-31-1996
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<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 90
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 925
<SHARES-COMMON-STOCK> 92
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 925
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<EXPENSES-NET> 16
<NET-INVESTMENT-INCOME> 20
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 20
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<DISTRIBUTIONS-OF-INCOME> 20
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 228
<NUMBER-OF-SHARES-REDEEMED> 140
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 900
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6
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<GROSS-EXPENSE> 115
<AVERAGE-NET-ASSETS> 1011
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.20
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<PER-SHARE-DIVIDEND> 0.20
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.00
<EXPENSE-RATIO> 1.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
the Life Cycle Mutual Funds, Inc.:
In planning and performing our audit of the financial statements and financial
highlights of each of the portfolios of the Life Cycle Mutual Funds, Inc.for
the periods ended July 31, 1996, we considered its internal control structure,
including procedures for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the financial
statements and financial highlights and to comply with the requirements of
Form N-SAR, not to provide assurance on the internal control structure.
The management of the Life Cycle Funds Mutual Funds, Inc. is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of internal control structure policies
and procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the effectiveness
of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements do not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements and financial
highlights being audited may occur and not be detected within a timely period
by employees in the normal course of performing their assigned functions.
However, we noted no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be material
weaknesses, as defined above, as of July 31, 1996.
This report is intended solely for the information and use of management and
the Board of Directors of the Life Cycle Mutual Funds, Inc. and the Securities
and Exchange Commission.
COOPERS & LYBRAND L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
September 25, 1996
